This blog was co-authored by Julian Scholtz, Candidate Attorney.
During October 2022, the Financial Sector Conduct Authority (FSCA) declared crypto assets to be a financial product under the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act). The FSCA provided an update on 11 May 2023 and published the Exemption of Persons Rendering a
On 19 October 2022, the FSCA published the final Declaration of a Crypto Asset as a Financial Product (Declaration) under the Financial Advisory and Intermediary Services Act, 2003 (FAIS Act) – see detail here.
Together with a policy document setting out the thinking behind the Declaration, and an overview of
The South African self-regulatory body, the Advertising Regulatory Board (ARB) updated its Code of Advertising Practice to include a new section dealing with crypto assets (Clause 17 in Section III).
Crypto asset advertisements must:
Following on from our earlier blog on the declaration of crypto assets as financial products under the FAIS Act (the Declaration) we have received numerous queries on the transitional arrangements relevant to the new licensing regime, and the impact of the Declaration on crypto asset derivatives.
Transitional arrangements
Specific concerns have been raised regarding whether
With the declaration of crypto assets as a financial product, providers of crypto assets are left wondering whether they need to register as a financial service provider under the Financial Advisory and Intermediary Services Act, 2002.
Following an exemption published by the Financial Sector Conduct Authority, a person who provides a financial service in relation
In a draft declaration issued on 20 November 2020, the FSCA proposed to include crypto assets as a category of financial product under the Financial Advisory and Intermediary Services Act, 2002 (“FAIS”). We wrote about this previously, here.
Speaking to the draft declaration in a September 2021 media briefing, Ms Olaotse